Cocoa (CC) edged higher yesterday, appearing to be gearing up for a retest of this week’s and the July high. Significantly, with CC is poised to resume momentum in its bounce off the 7 month downchannel support (on the weekly chart), with a moderately high likelihood of testing the psychologically key 2500 whole figure level by mid August…
Tag: CC_F
WTI Crude (CL) Retesting Weekly Chart Upchannel Support Ahead of Inventory
WTI Crude (CL) slid nearly 1% yesterday, and looks vulnerable going into today’s European morning just above the psychologically key 70 whole figure level. Significantly, CL is retesting the the weekly chart ascending wedge support, and appears increasingly likely to form a lower August high versus the July high…
Wheat (ZW) Weekly MACD Trying to Positively Cross
Wheat (ZW) is firming to start the week, quickly approaching the July high. Significantly, ZW has reclaimed the psychologically key 700 whole figure level along with the 61.8% Fib retrace of the May to July slide…
Cocoa (CC) Gains for 8th Straight Day to New July High
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S&P500 (ES) Tiring Near Weekly Chart Upchannel Resistance
The S&P500 (ES) is tiring after forming a fresh record high yesterday, testing upchannel support (on the 4hr chart). Significantly, although ES has failed to buckle in the last year amidst increasing warnings of a deep correction or crash, the ES increases in its vulnerability the more overbought it becomes…
Arabica Coffee (KC) Surges 10%+ to Highest Level Since Nov’14
Arabica Coffee (KC) soared a massive 10% plus yesterday, closing at a fresh 2021 high and at the highest level since November 2014. Significantly, KC is rapidly approaching the psychologically key 2.00 whole figure level, where once hit, will likely trigger a healthy consolidation…
Arabica Coffee (KC) Consolidation Since May High Near Completion
Arabica Coffee (KC) edged higher yesterday as part of the bounce off the psychologically key 1.5 whole figure level. Significantly, KC’s healthy consolidation since the May peak now appears to be a Bull Flag sideways range with a high probability of an extension higher by month end…
S&P500 (ES) Struggles to Form 6th Green Weekly Candle in 7 Weeks
The S&P500 (ES) is at a fresh 2021 and record high, but hinting at fatigue as seen by last week’s weekly Hammer. Significantly, although ES appears to offer ample upside before it tests upchannel resistance (on the weekly chart), ES is bumping up against what is arguably another upchannel resistance (on the daily chart)…
USDCHF Bull Flag Consolidation Completing Ahead of NFP
The USDCHF gained roughly 50 pips yesterday, resolving an ascending triangle and Bull Flag consolidation (on the daily chart). Significantly, any profittaking following the US Non-Farm Payrolls (NFP) Friday is unlikely to derail the upchannel extension (on the weekly chart), with bulls increasingly eyeing a retest of the March and 2021 high by July sometime…
Cocoa (CC) Bounces Off Key 2400 Level
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